Trader Known For Calling Bottoms Warns Bitcoin (BTC) Could Be Witnessing A Prolonged Correction Here’s His Downside Target

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A trader who grew his following after calling the Bitcoin (BTC) bear market low in 2018 thinks the crypto king is unlikely to break above $30,000 anytime soon.

Pseudonymous analyst Bluntz tells his 222,400 Twitter followers that Bitcoin has likely finished going through a five wave uptrend on the daily chart.

According to the popular analyst, BTC may now be in the midst of an ABC corrective move that could send Bitcoin all the way to the $25,000 price zone.

To think something like this plays out for BTC and makes the most sense to me.

The last correction was 41 days in time and so far there have only been 14 days in the most recent, which just doesn’t seem long enough to me.

Source: Bluntz/Twitter

Bluntz is a popular practitioner of Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology which tends to come in waves. According to the theory, a bullish asset tends to follow a five-wave uptrend followed by an ABC corrective move.

Looking at Bluntz’s chart, he seems to predict that Bitcoin could resume its uptrend after hitting $25,000 and rally towards $32,000 by the second half of 2023.

At the time of writing, Bitcoin is trading for $29,381.

As for Ethereum (ETH), the crypto strategist believes that the leading smart contract platform will likely fall faster than BTC. Looking at the Ethereum vs. Bitcoin (ETH/BTC) chart, Bluntz says it could drop as low as 0.06 BTC ($1,757) before regaining bullish momentum and rallying back to 0.073 BTC ($2,138).

I think ETH/BTC/ is starting to look shi*e again and the price action from the March low was probably ABC up. Its daily loss of 0.618 and the appearance of a new low is likely. It’s hard to be bullish on alts when ETH/BTC looks set to reverse and make another daily/weekly low.

Source: Bluntz/Twitter

At the time of writing, ETH/BTC is trading for 0.0648 BTC worth $1,898.

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